·  It has literally never been so easy, quick or inexpensive to set up business in Mexico.

Under the previous legislation, the average cost of setting up business was $20,000 pesos, and the process could take up to 6 days. Now, it will be possible to create a company in 24 hours at no cost.

· He presented the 2015 National Entrepreneurs' Award.

Earlier today, President Enrique Peña Nieto enacted the General Corporations Law Reform, with a new partnership scheme called the Simplified Joint Stock Company (SAS), which makes it easier to set up business at a lower cost and in less time.

With this new regime, “It had literally never before been so easy, quick or inexpensive to set up business in Mexico,” he said.

During the event, at which he presented the National Entrepreneur Award 2015, the president mentioned some of the benefits of this new legal concept:

· Under the previous legislation, the average cost of setting up business was $20,000 pesos, and the process could take up to 6 days. Now, it will be possible to create a company in 24 hours at no cost.

· In the past, it was necessary to appear before a notary public, whereas now the process can be done online.

·  Previously, entrepreneurs had to hire a lawyer or an administrator to advise them on setting up business. This is no longer necessary under the new reform, since pro forma statutes and model provisions are available to assist entrepreneurs with the management and administration of their firms.

· Before a minimum of two partners was required to form a company. Now it is possible to create a company with a single partner and no need for minimum capital.

· During a second stage, efforts will be made to enable the electronic process used to set up business to allow entrepreneurs to register with the SAT and IMSS and obtain operating licenses at the municipal level, where they are engaged in low-risk activities.

President Peña Nieto say that he was confident that this new partnership scheme, “Will make it possible for there to be more companies in Mexico, and therefore more and better jobs for Mexicans”:

He thanked federal legislators, “For having approved and supported this initiative which has been materialized in favor of our country's entrepreneurs.”

The president said that, “Setting up business requires courage and determination to have an idea and continue until it is achieved. It requires having the strength to stand up when you fall and learning from failures and persevering until success is achieved.”

He said that the National Entrepreneurs’ Award, “Is in honor of all entrepreneurs in Mexico, all young people who, on the basis of an idea or a project, decide to carry it out with perseverance and a positive attitude, and are a benchmark of success.”

He made special mention of entrepreneur Daniel Chavez, from Grupo Vidanta, who received the National Entrepreneurs’ Award in the Special Mention for Lifetime Achievement Category. He also presented the award in its various categories: Innovative Idea, Woman Entrepreneur, Microenterprises, Small and Medium Enterprises, High Impact Entrepreneurship, Organizations that Promote the Entrepreneurs’ Ecosystem, and educational institutions that foster the Promotion of Entrepreneurship.

THE AWARD IS AN OPPORTUNITY FOR US AS A NATION TO REVALUE THE DYNAMIC POWER OF ENTREPRENEURSHIP IN OUR SOCIETY, OUR ECONOMY AND OUR EVERYDAY LIFE: ENRIQUE JACOB

“There is no doubt that Mexico is the face, talent and energy of its entrepreneurs,” declared President of the National Institute of Entrepreneurship (INADEM) Enrique Jacob Rocha, who stressed the importance of the fact that the National Entrepreneurs’ Award goes beyond presenting an award.

“It means highlighting the inspiring example of the award winners so that more Mexicans follow in their tracks, and as a nation, revaluing the dynamic power of entrepreneurship in our society, economy and everyday lives,” he explained.

He said that this award, “Is a great opportunity to invite more Mexicans to embrace and be infected by the enthusiasm of our entrepreneurs, and, together with a new institutional environment, thanks to the sweeping reforms, turn Mexico into the greatest success story ever.”

He declared that the presentation of the award by the president, “Is a clear sign of the great hopes we have as a country for these success stories to have a multiplying effect, which will trigger a wave of entrepreneurial energy so that more Mexicans can decide , lose the fear of failure, set up business, dare to take the risk to innovate, and set their ideas and talent in motion.”

“Today, awards have been presented to 11 institutional entrepreneurs, but we must also acknowledge all those who participated, a total of 4062 applicants in eight different categories,” he said. “You give us,” he said, “The motivation to confirm that we have a promising, prosperous and promising future ahead of us.” You make us dream of that new Mexico we are building every day, your stories inspire us.”          

THE CHANGES TO THE GENERAL CORPORATIONS LAW PLACE MEXICO AT THE FOREFRONT: RUIZ CHÁVEZ

María del Rocío Ruiz Chávez, Undersecretary for Competitiveness and Regulation of the Ministry of Economy, said that the enactment of the amendments to the General Corporations Law, “Places Mexico at the forefront worldwide in corporation law, by modernizing the legal framework, which had not undergone changes of such scope, perhaps since the middle of the last century.”

She said that the Simplified Corporations Reform responds to the policy objective of the Federal Government to improve the business environment and thereby reduce transaction costs for businesses.

She declared that micro and small businesses are essential to promoting the development of a country, both because of their role in creating jobs and because they encourage innovation, and increase the competitiveness and dynamism of markets.

However, she noted, the complex procedures for forming a business, excess regulation and restrictions in the legal, financial and cultural sphere create barriers that inhibit the incorporation of micro and small enterprises into the formal economy.

Now, she state, this legal framework makes it easier for entrepreneurs to become businessmen and full members of the formal economy.

ENTREPRENEURS HAVE ALL THE NECESSARY ATTRIBUTES FOR BECOMING A TRUE ENGINE OF CHANGE: DANIELA RUIZ MASSIEU

Representative of the Evaluation Committee Daniela Ruiz Massieu Salinas said that, “The Evaluation Committee involved the participation of 76 organizations, public and private universities, academic centers, incubators, government agencies, accelerators and experienced entrepreneurs, all gathered around what we are passionate about: the entrepreneurial ecosystem.”

She highlighted the enormous diversity of the participating projects, reflecting that, anywhere in Mexico and regardless of the level, it is possible to find men and women of all ages in this talented country willing to make any impossibility a reality, any problem an opportunity, and every failure the necessary spark to reinvent themselves.”

On behalf of all the evaluators, Daniela Ruiz Massieu said that, “This commits us and it is extremely encouraging to be able to confirm that one of the things that Mexico needs is for each of us, from our own trench, to help nurture the ecosystem so that entrepreneurs can achieve their full potential and create an unprecedented impact in Mexico.”

INADEM’S WORK IN THESE PAST THREE YEARS HAS BEEN VITAL TO PROMOTING A CULTURE OF ENTREPRENEURSHIP IN MEXICO: WINNER OF THE NATIONAL ENTREPRENEURS’ AWARD

Perla Cristal Alvarado Chávez, Director of Institutional Relations of ILAB and winner of the National Entrepreneurs’ Award in the category of Promoters of the Entrepreneurs’ Ecosystem, declared that the work of INADEM in these three years has been vital to fostering an entrepreneurial culture in Mexico.

She said that the National Entrepreneurs’ Institute has focused on young talent, creating schemes that facilitate the process of having an idea and transforming it to create a product that reaches the market and can be projected nationally and internationally.